(MEBG) – According to the latest issue of the authoritative BP Amoco Annual Statistical Review, Saudi Arabia leads the world with 263.5 billion barrels of proven oil reserves, or 25.5 percent of the global total. It is followed by Iraq with 112.5 billion barrels worth, 10.9 percent, and the UAE with 97.8 billion barrels, or 9.4 percent. In fourth place is Kuwait with 96.5 billion barrels, or 9.3 percent, followed by Iran with 89.7 billion, or 8.7 percent.

Overall, the Arabian Peninsula with Iraq and Iran have proven reserves of 675.6 billion barrels of reserves or 65.4 per cent of the world total. According to the BP Amoco Review , North America holds 63.7 billion barrels)worth, Central and South America 89.5 billion barrels, Europe 20.6 billion barrels, the former Soviet Union 65.4 billion barrels, Africa 74.9 billion barrels, and Asia and the Pacific 44 billion barrels.

The total proven recoverable UAE reserves remained unchanged at the end of last year from the end of 1998, despite a year of production – according to the study, this phenomena is ascribes to the proving of new reserves during the year.